“Let’s see... Demand drops 47% and price drops 50%.”
Did you even watch the report? The oil supply expert on 60 minutes said demand had dropped 5% and the price had dropped 75%.
Not that facts matter to anyone determined to worship at the altar of Wall Street investment banks, as many here are ...
Anyone doubting that investment banks had the capital to influence markets like this is very naive. The combined wealth of the big investment banks and hedge funds is staggering, and then you add in the fact that they were allowed to be leveraged by ratios up to 30:1. So you multiply the aggregate wealth of all these huge institutional investors, pension funds and billionaires by thirty and you get an idea the amount of capital at work here.
Congress could have had a large effect if they had moved to allow more drilling. Since they didn’t the “peak oil” theorists were able to drive speculation. High oil helped to tank the housing bubble.
But if you CHOOSE to believe CBS fine.
Impossible!
Except the George Bush memo, Couric sliming Palin, the hatchet job on Reagan that got squashed...
No, you're right! CBS is an objective reporter of fact.
They would never subject reporting to preconceived political opinions.